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CPA FAR > Inventory Errors > Flashcards

Inventory Errors Flashcards

1
Q

Overstatement of ending inventory

A

When EI is overstated

COGS is understated

Income is overstated

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2
Q

Understatement of ending inventory

A

When EI is understated

COGS is overstated

Income is understated

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3
Q

Overstatement of purchases

A

COGS is overstated

Income is understated

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4
Q

Understatement of purchases

A

COGS is understated

Income is overstated

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5
Q

Overstatement of beginning inventory

A

COGS is overstated

Income is understated

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6
Q

Understatement of beginning inventory

A

COGS is understated

Income is overstated

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CPA FAR (55 decks)

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